07:46 AM EDT, 06/14/2024 (MT Newswires) -- Greenwich LifeSciences ( GLSI ) said Friday it has agreed to sell about 175,000 shares of common stock for $14.30 per share in a private placement to Chief Executive Snehal Patel.

The deal, to take place around Tuesday, is expected to generate $2.5 million for the company. Greenwich plans to use net proceeds from the sale for clinical development and working capital.

Patel has agreed to a one-year lock-up for the shares.

Shares of the biopharmaceutical company were up 1% in Friday's premarket activity.

Price: 15.00, Change: +0.15, Percent Change: +1.01